Niners Working w/ QB Smith on a Reworked Contract

The Chronicle is reporting that the 49’ers are working on a new deal to keep former first overall pick Alex Smith around in 2009:

The 49ers are working with Alex Smith on a new contract that reflects his 2009 status as a quarterback no longer considered the face of the franchise. At the moment, Smith’s original contract from 2005 is still in play, a deal that will pay him $9.625 million in base salary this year for a whopping cap figure of $12,291,666. “Discussions are ongoing,” general manager Scot McCloughan said. “We did draft him No. 1. He’s been through a lot. He’s learned from that. I still believe he’s going to be a good quarterback in the NFL. We would welcome him back.”